Mandatory enforcement of human rights, environmental due diligence and even data privacy are a few examples of the regulatory challenges procurement faces in managing complex global supply networks.
I could also talk about the negative impact that a failure to address these regulatory conditions can have on an organization's brand as a company and employer. Of course, it's not exactly a revelation that negative press regarding regulatory violations will certainly impact your image with the public, e.g., your customers. However, did you realize that in a highly competitive job market, "58% of candidates surveyed said they consider a company's social and environmental commitments when deciding where to work." This mindset isn't just a checkbox sentiment: "55% said they would choose to work for a socially responsible company, even if the salary was less."
While employee attraction and retention are not often discussed in the same breath as ESG regulatory compliance – at least not enough, it is yet another indication of the expanded importance and impact of getting ESG right. In other words, people are taking this seriously.